Question 1: (a) Suppose the income elasticity of demand for pre-recorded music compact disks is +5 and the income elasticity of demand for a cabinet maker’s work is +0.5. Compare the impact on pre-recorded music compact disks and the cabinet maker’s work of a recession that reduces consumer incomes by 10 per cent. (2 marks) (b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other? (2 marks) (c) Interpret the
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Task 1 What is marketing? What does the term marketing mean? Many people think of marketing only as selling and advertising. And no wonder‚ for every day we are bombarded with television commercials ‚newspaper ads‚ direct mail campaigns‚ Internet pitches and sales calls. Although they are important‚ they are only two of many marketing functions and are often not the most important ones. Today‚ marketing must be understood not in the old sense of making a sale – ‘telling and selling’ – but
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of per Unit Total Costs. The estimated unit costs for Hoteling Industries‚ when operating at a production and sales level of 10‚000 units‚ are as follows: Cost Item Estimated Unit Cost Direct materials $15 Direct labor 10 Variable factory overhead 8 Fixed factory overhead 5 Variable marketing 4 Fixed marketing 3 Required: (1) Identify the estimated conversion cost per unit. (2) Identify the estimated prime cost per unit. (3) Determine the estimated total variable cost per unit. (4) Compute
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fraternity minister and is interviewed by a member of the local fraternity council. • A sponsor (a professed SFO) is assigned and orientation materials are provided. • Should a person in affiliate status seek to become a professed member of the SFO‚ then the requirements of the formal formation program supersede all parts of the affiliate orientation plan. Affiliation orientation does not shorten or alter the norms of the Formation Program of the SFO.
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STUDIES A LEVEL RESOURCES. 2008 SPECIFICATION Product orientation‚ market orientation and asset-led marketing. When a business bases it’s marketing mix on what the business sees as it’s internal strengths‚ the business’s marketing is said to be ’product orientated’. When a business bases it’s marketing mix on it’s perception of what the market wants‚ the business’s marketing is said to be ’market led’‚ or ’market orientated’. Asset led marketing uses product strengths such as the name and brand image
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Ways to Overcome Thefts in Neighbourhood Nowadays‚ there are so many theft has happen at our neighbourhood. This problem may make a bad thought about our neigbourhood. In my opinion‚ this problem should not happen to our peacefully neighbourhood. So‚ we have to overcome this problem before it getting worst. In this essay‚ I will discuss about the ways to overcome theft problem. First and foremost‚ our neighbourhood seems really remote at night. This situation may be used by thieves to theft at
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statements is true? The costs of attracting a new customer have been found to be up to six times higher than the costs of retaining old ones 5. Which of these is not part of the marketing concept? Matching competitors’ offering 6. What is the purpose of production orientation focus? The purpose of the organisation is to manufacture the highest quality products 7. Which of these is not a feature of a market driven business? They stick with the same products 8. Why do marketing-orientated companies
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MARKETING DEFINITION Market is managing profitable costumer relationship. The goal of marketing is to attract new costumers by promising superior value and to keep and grow current costumers by delivering satisfaction. Marketin is a social process by which individuals or groups obtain what they want and need through creating and exchanging product s and value with others. In a business context Marketing is the process by which companies create value for costumers and build strong relationship
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under efficient operating conditions absorption costing all manufacturing costs are assigned to products: direct material‚ direct labour‚ variable and fixed manufacturing overhead acceptable quality level (AQL) the defect rate at which total quality costs are minimised account classification method (or account analysis) the process in which managers use their judgement to classify costs as fixed‚ variable or semivariable costs accounting rate of return (or simple rate of return‚ rate of return on assets
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INTRODUCTION Cost accounting is an important tool in the management of any business firm or organization‚ which includes those in the small scaled industry. In the cause of our research instrument indicated the maintenance of improper and inadequate records coupled with the fact that cost methods used‚ through sometimes effective‚ were unconventional. For a small scale business to approach profit maximization level‚ it must be effective in cost control procedures and appropriate books
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